Taxation Without Representation: Are Cannabis Operators Unfairly Targeted By The IRS?
Portfolio Pulse from Joana Scopel
Cannabis operators are facing punitive tax liabilities due to Section 280E of the Internal Revenue Code, which prevents businesses dealing with controlled substances from deducting most of their business expenses. This issue was discussed by David Van Vlierbergen, CFO and co-founder at Fernway, and Anthony Coniglio, founder, president, and CIO of NewLake Capital Partners Inc (OTCQX:NLCP), at the Benzinga Cannabis Capital Conference.
August 31, 2023 | 8:54 pm
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NewLake Capital Partners Inc, a cannabis-focused real estate company, may face challenges due to the punitive tax liabilities imposed by Section 280E of the Internal Revenue Code.
As a company involved in the cannabis industry, NewLake Capital Partners is directly affected by the tax liabilities imposed by Section 280E. This could potentially limit their business growth and innovation, leading to a negative impact on their stock price in the short term.
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